Hargreaves Lansdown has reported a year-on-year drop in pre-tax profits as the impact of clean pricing and lower rates on client cash offset continued asset growth.
Reporting results for the six months to 31 December 2014, the platform said pre-tax profits dropped 2%, from £104.1m to £101.9m, but it nonetheless raised its interim dividend by 4% to 7.3p per share. The platform's shares opened down 4.5% at 998p in early trading on 4 January, shortly after the results were published. Hargreaves said total net inflows for the six months stood at £2.25bn, compared with £2.8bn in the comparable period a year ago, helping push assets under administration up 4.7% over the half year to £49.1bn. The business added 23,000 new clients for the period, compared...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
